Steven M. Raney, Executive Chair at RJBank, a subsidiary of Raymond James Financial Inc . (NYSE:RJF), has sold a substantial portion of his holdings in the company. According to a recent SEC filing, Raney sold a total of 13,845 shares of common stock over several transactions, generating approximately $2.34 million. The sales occurred at prices ranging from $167.39 to $170.10 per share, near the stock's 52-week high of $171.38. The transaction comes as Raymond (NS:RYMD) James, now valued at $35.69 billion, has delivered an impressive 51% return year-to-date.
In addition to these sales, Raney also executed transactions involving the vesting of restricted stock units and the disposal of shares to cover tax liabilities associated with these vestings. The transactions were part of a broader set of activities reported in the filing, which also included a gift of shares. According to InvestingPro analysis, Raymond James currently shows signs of being slightly undervalued, with a GREAT financial health score of 3.17.
Following these transactions, Raney now directly owns 43,432 shares of Raymond James Financial, reflecting his ongoing investment in the company. For deeper insights into Raymond James's valuation and performance metrics, including 12 additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Raymond James Financial Inc . has been making significant strides. The company announced an 11.1% increase in its quarterly cash dividend and a new stock repurchase program, demonstrating its commitment to shareholder returns. Raymond James also reported record fourth-quarter revenues of $3.46 billion and a net income of $601 million, primarily driven by an increase in advisory revenue and robust investment banking performance.
Analyst firms have adjusted their outlooks following these results. TD Cowen maintained a Hold rating but increased the price target, citing the company's potential to achieve projected earnings and price-to-earnings ratio. BofA Securities and Citi also increased their price targets, following the company's earnings per share beat.
These are recent developments, and Raymond James maintains an optimistic outlook for fiscal 2025, expecting growth driven by increases in assets and fee-based accounts. However, the company anticipates an additional $5 billion in outflows in the first quarter due to the offboarding of an Office of Supervisory Jurisdiction. Despite this, BofA projects a 5-7% growth rate for the following year.
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